Guideline Value for M.G.R. 14TH STREET

M.G.R. 14th Street guideline value

The current guideline value of M.G.R. 14th Street, located in Sholinganallur - 1 village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of M.G.R. 14th Street has changed

The guideline value for M.G.R. 14th Street has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The most recent revision in 2024 has further raised the guideline value to Rs 2,800 per sq.ft, marking a 12% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2017 to 2024, the guideline value has risen by 67%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing M.G.R. 14th Street's 2024 figure above this median.

• M.G.R. 13th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 1st Cross Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 12th Street-Jahir Hussain Street Joint Extension: Rs 1,700 per sq.ft (2024)
• M.G.R. 1st Cross Street Extension: Rs 2,800 per sq.ft (2024)
• M.G.R. 12th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 1st Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. 14th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. 14th Street?

The M.G.R. 14th Street is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor when registering property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the registration process is transparent and standardized.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential components of the transaction process. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of M.G.R. 14th Street?

The current guideline value of M.G.R. 14th Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,675 per sq.ft in 2017 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 67% over this period.

What are the stamp duty and registration fees for property in M.G.R. 14th Street?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles registrations for properties in M.G.R. 14th Street?

The Neelankarai Sub Registrar Office handles registrations for properties in M.G.R. 14th Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification of M.G.R. 14th Street?

M.G.R. 14th Street is classified under Residential Class II Type - II, indicating its suitability for residential development.